[The government is to join the list of creditors to receive what?
…$35 million? What about the $7.2 billion received in government
subsidies (mostly from the Bushes), the value of all the money received
from contracts deceptively and inappropriately “arranged” --
through G7 meetings -- by the Bushes…George HW in particular…????]
Judge Approves Enron's Settlement With Regulator
Government to Join List of Creditors
By Bradley Keoun
Bloomberg News
Tuesday, July 20, 2004; Page E03
A federal judge in Houston yesterday approved Enron Corp.'s $35 million
settlement with the Commodity Futures Trading Commission over allegations
the company manipulated natural gas prices in 2001.
U.S. District Judge Melinda Harmon entered a consent order that resolved
all charges brought by the commodities regulator against the Houston
energy company, the CFTC said in a statement. U.S. Bankruptcy Judge
Arthur Gonzalez in New York approved the settlement in May.
Approval of the settlement means the U.S. government will be added to the
list of creditors owed as much as $74 billion by Enron, which collapsed
in December 2001. Last week, the company won court approval for a plan to
emerge from bankruptcy by paying creditors an average of 20 cents on the
dollar.
"It's all a matter of whether there are sufficient funds available
at the time of distribution of the estate," Vincent McGonagle,
senior deputy director of enforcement at the CFTC, said in an interview.
"That will determine how much the U.S. Treasury is paid as a result
of this settlement."
In a separate statement, the commission said former Enron gas trader
Hunter Shively agreed to pay $300,000 to settle charges relating to his
alleged involvement in manipulating prices. The settlement requires
Shively to cooperate with the commission's investigations.
The commodities regulator in March 2003 alleged that Enron and Shively
bought and sold large amounts of gas in a short time period in
prearranged transactions, thereby affecting wholesale prices. Movement in
wholesale prices affected futures prices on the New York Mercantile
Exchange, according to the CFTC.
